10 May 2024
Russia’s war on Ukraine: Lookback at how the invasion upended the world’s energy market
Publication date: 24 February 2024
Gas Strategies Group
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The shocking invasion of Ukraine two years ago triggered fresh prioritisation around energy security.
But with that came a deeper commitment worldwide to cut ties with Russia, and its gas, and wean the world off fossil fuels altogether.
Here’s a snapshot of what happened – along with a walkthrough the headlines that captured major shifts in the gas sector.
TOP NEWS HEADLINES
24/2/22 EU, G7 set to implement ‘massive’ sanctions against Russia, no mention of energy sector [1]
25/2/22 IE WEEK: Supply security in the spotlight as Europe frets about Russian gas supply [2]
25/2/22 ANALYSIS: Europe rethinks Russian gas dependency after Ukraine invasion [3]
28/2/22 BP, Equinor to exit Russia after decades as pressure mounts on IOCs [4]
28/2/22 Russians consider potential impact of sanctions on gas – but energy sector still spared [5]
28/2/22 German government pledges to speed up development of two LNG terminals [6]
1/3/22 Shell plans full withdrawal from Russia and NS2 amid Ukraine invasion [7]
1/3/22 TotalEnergies ends financing for new projects in Russia, stops short of country exit [8]
1/3/22 UK bans all Russian-linked vessels from nation’s ports, Yamal cargo diverts [9]
2/3/22 More energy companies review ties with Russia as war in Ukraine intensifies [10]
2/3/22 ExxonMobil joins IOC exodus from Russia as it quits Far East Sakhalin-1 project [11]
3/3/22 IEA lines up plan to slash European imports of Russian gas by a third [12]
4/3/22 Ukraine halts exports of own gas, transit of Russian gas stable [13]
7/3/22 Germany moves closer to first LNG terminal after Berlin takes stake in Brunsbüttel project [14]
7/3/22 OMV becomes latest IOC to retreat from Russia, expects up to USD 1.8 billion hit [15]
7/3/22 Russia’s invasion of Ukraine prompts Italian banks to freeze Arctic LNG 2 loan [16]
8/3/22 EC presents ambitious plan to end reliance on Russian gas imports [17]
9/3/22 EU extends sanctions on Russia, Belarus but no mention of energy [18]
11/3/22 Gas spared from Russia’s latest export ban, difficulties emerging in oil exports [19]
15/3/22 EU targets Russia’s energy sector as part of fresh sanctions package [20]
22/3/22 UK government to nationalise Gazprom retail arm as customers terminate contracts – reports [21]
22/3/22 Supply of Linde tech for Ust-Luga LNG project unclear after company suspends activity in Russia [22]
23/3/22 Italy outlines plan to install two additional FSRUs by 2023 [23]
23/3/22 TotalEnergies ceases funding for Arctic LNG 2, halts Russian oil purchases [24]
24/3/22 European firms hunt for FSRUs in bid to wean continent off Russian gas [25]
24/3/22 Japan's Tohoku Electric bans Russian LNG in spot tender – reports [26]
24/3/22 European firms reject Putin’s RUB payment request, BDEW warns of worsening supply situation [27]
25/3/22 Shelved Spain-France Midcat pipeline up for review as EU seeks more LNG [28]
25/3/22 US pledges to ramp up LNG supply to Europe, questions linger over cargo availability [29]
28/3/22 France becomes latest European nation to pitch FSRU plan – reports [30]
29/3/22 All eyes on Moscow as G7 rejects gas payments in rubles [31]
30/3/22 Germany triggers 'early warning' level under EU SOS regulation, urges consumers to cut gas use [32]
31/3/22 Europe holds its breath as Putin signs decree demanding gas payments in rubles [33]
1/4/22 EU considers options as Russia presses on with demands for gas payments in rubles [34]
4/4/22 Baltic states first in EU to announce halt of Russian gas imports [35]
5/4/22 German state orders regulator to take control of Gazprom assets [36]
7/4/22 Hungary at odds with the EU as it prepares to pay for Russian gas in rubles [37]
11/4/22 Europe turns to North Africa in bid to replace Russian gas volumes [38]
26/4/22 Poland announces sanctions against Gazprom, Russia halts gas flows [39]
27/4/22 Russia fires warning shot at EU after cutting gas supplies to Poland and Bulgaria [40]
28/4/22 European firms bow to Putin’s ruble payment request amid ambiguous EC guidance [41]
29/4/22 Europe's LNG terminals hit highest utilisation rates since 2012 amid record imports [42]
4/5/22 EU’s sixth sanctions package to phase out Russian oil, Putin signs new decree [43]
5/5/22 Germany’s race for first LNG imports heats up as RWE and Uniper secure FSRUs [44]
12/5/22 Shell kicks off Russia exit with sale of retail and lubricants businesses [45]
20/5/22 Finland secures FSRU from Excelerate, Gazprom to halt supplies [46]
20/5/22 Novak confirms half of Gazprom’s customers open ruble accounts as payment deadlines loom [47]
26/5/22 Equinor completes full withdrawal from Russia, targets NCS gas developments [48]
31/5/22 Gazprom cuts off supplies to GasTerra, Shell and Orsted face cuts on Wednesday [49]
1/6/22 UK considers costly operation to re-open Rough storage facility to address energy security [50]
1/6/22 Snam seals second FSRU from Golar for Italian market [51]
15/6/22 Gazprom cuts gas flows to Italy, set to reduce NS1 capacity further on Thursday [52]
15/6/22 Europe’s gas supply woes intensify as Gazprom drastically reduces NS1 capacity [53]
21/6/22 EU nations trigger 'early warning' mechanism amid curbed NS1 flows [54]
1/7/22 Shell, Japanese firms facing forced Sakhalin 2 exit after Putin moves to nationalise project [55]
13/7/22 Eesti Gaas ‘secures’ Estonia’s winter gas supplies through Equinor LNG deal [56]
15/7/22 Deutsche ReGas joins race to import Germany’s first LNG after securing FSRU [57]
18/7/22 EU looks to double gas imports from Azerbaijan to help replace Russian volumes [58]
4/8/22 Kremlin advances plans to create new Russian entity to control Sakhalin-2 LNG [59]
30/8/22 European gas squeeze intensifies as Gazprom halts supplies to Engie [60]
5/9/22 Kremlin refuses to return NS1 flows in full until Western sanctions are lifted – reports [61]
13/9/22 Russia ships first cargo from Portovaya LNG plant amid NS1 closure [62]
16/9/22 German regulator takes control of Rosneft subsidiaries [63]
27/9/22 European leaders, Kremlin claim sabotage cannot be ruled out as reason behind Nord Stream leaks [64]
29/9/22 Sweden confirms fourth Nord Stream leak, EU mulls eighth sanctions package against Russia [65]
3/10/22 Gazprom claims three Nord Stream leaks stopped, targets NS2 flows to Europe [66]
7/10/22 Germany rules out any chance of Nord Stream 2 flows to Europe [67]
10/10/22 Putin pens decree to seize control of Sakhalin-1 from ExxonMobil [68]
18/10/22 Nord Stream pipelines sustained extensive damage due to ‘powerful explosions’ – Danish Police [69]
18/10/22 Exxon confirms Russia exit after ‘unilateral termination’ of Sakhalin-1 operatorship [70]
20/10/22 Technip to fully exit Novatek-led Arctic LNG 2 project next year [71]
31/10/22 UK hits back at Russia for accusations of terrorism on Nord Stream pipelines [72]
23/11/22 Moldova accuses Gazprom of blackmailing after Moscow threatens to cut gas flows [73]
15/11/22 Germany nationalises gas company formerly owned by Gazprom [74]
18/11/22 Sweden doubles down on Nord Stream sabotage claim after traces of explosives found [75]
8/12/22 Germany’s EnBW enters into 25-year capacity agreement at planned Stade terminal [76]
9/12/22 TotalEnergies walks away from Novatek stake, writes off another USD 3.7 billion [77]
15/12/22 Future of Nord Stream pipelines gets bleaker as Canada reimposes sanctions [78]
21/12/22 Arrival of Finnish FSRU to bolster security of gas supply in the Baltics and Poland [79]
IN DEPTH REPORTS
3/3/22 Russia’s war against Ukraine alters Europe’s energy landscape for good [80]
11/3/22 EU bet on LNG to offset potential Russian gas supply cuts deemed ‘unrealistic’ [81]
17/22 No easy task: Italy turns to LNG as it pursues gas independence from Russia [82]
30/3/22 Germany triggers 'early warning' level under EU SOS regulation, urges consumers to cut gas use [32]
14/4/22 At a crux: As Europe rushes to reduce its Russian gas reliance, what can LNG do? [83]
27/4/22 At long last: The wait for Germany’s maiden LNG terminal could soon be over [84]
25/5/22 Supply concerns, sky-high prices lift outlook for liquefaction FIDs: GIIGNL [85]
30/5/22 Early bird gets the worm: Europe scrambles for FSRUs in wake of Ukraine invasion [86]
7/6/22 Russia’s pivot east: Can gas supply to China compensate for lost European volumes? [87]
13/6/22 Norway weighs up options for supporting Europe’s shift from Russian pipeline gas [88]
21/7/22 The storage game: Europe scrambles to fill up gas stocks ahead of winter [89]
5/8/22 Most exposed: Italy braces for difficult winter in bid to shed Russian gas reliance [90]
19 July 2022 Back in the cold: As sanctions bite, where next for Russia’s LNG ambitions? [91]
4 October 2022 Ukraine crisis boosts Europe’s renewables drive, but cost challenges loom [92]
28 October 2022 The bridge has collapsed: Germany counts its losses as Russian gas supplies halt [93]
30 November 2022 Europe seeks to boost indigenous gas production – but is it too little, too late? [94]
16 December 2022 Lessons from war: DTEK maps out Ukraine’s post-conflict energy transition [95]
23 December 2022 EU condemns Moscow’s war in Ukraine, but Russian LNG cargoes still find a market [96]
13 January 2023 ‘For some countries, Russia seems too far away to ever affect them’: Klaipedos Nafta [97]
2 March 2023 Pipe dream: Italy doubles down on LNG, gas hub hopes create stranded assets risk [98]
17 April 2023 ‘Europe’s big regasification bet has muddied the waters’: Global Energy Monitor (GEM) [99]
- KT, PS